Italy is member of the European Union and became a part of the EU on March 25 1957. It was also a founding member. Italy is a republic place and part of it's single market. It is a country that uses the Euro. It's main economic strength is its large base of small and medium sized companies. Italy has much tourism and it is the 5th major tourist destination in the world. Italy has inefficient bureaucracy, relatively low property rights and high levels of corruption (compared to other European countries), heavy taxes, and heavy public consumption at around half of GDP (gross domestic product). Italy will improve over long-term growth, such as lightening the high tax and overhauling Italy's rigid labour market. Some examples of the EU's support to Italy are emergancy aids and education funds.
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